Offer to purchase question

Speedster said:
Bank appoints the bond attorney
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If you bank at bank X, you still have choice. Any attorneys on their panel can do the job.

Usually when I buy, I ask the seller can I choose the transport attorneys, as they can do the bond too (if needed), resulting in more work for them... and in return better discount.

My last buy was a disaster.... i COULDNT select the transport side (it was a cash buy).... lesson learnt!

But...

If you are new to buying property, apply via a bank, and let them guide you....
 
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zerocool2009 said:
If you bank at bank X, you still have choice. Any attorneys on their panel can do the job.

Usually when I buy, I ask the seller can I choose the transport attorneys, as they can do the bond too (if needed), resulting in more work for them... and in return better discount.

My last buy was a disaster.... i could select the transport side (it was a cash buy).... lesson learnt!

But...

If you are new to buying property, apply via a bank, and let them guide you....
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That makes sense: getting the same attorney to do the bond application as the transfer (I take it your autocorrect made you write "transport" but no matter, it's clear what you mean) so as to negotiate a greater discount.

Could you please set out more of what you learnt from that disaster, though? You selected the transfer attorney, and it was cash buy... and what, then, made that work out badly? Thanks.
 
Gozado said:
That makes sense: getting the same attorney to do the bond application as the transfer (I take it your autocorrect made you write "transport" but no matter, it's clear what you mean) so as to negotiate a greater discount.

Could you please set out more of what you learnt from that disaster, though? You selected the transfer attorney, and it was cash buy... and what, then, made that work out badly? Thanks.
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Finger fault, I couldnt select the transport side.

What happened with me: I signed in mid July the OTP. And first week in Aug the transport docs was ready to be signed, so I did my full cash eft plus fees.

I found out the seller didnt give 90 days notice to his bank, so he played for time.

Finding out the transport side and seller is family too (what a big no-no).

Then, after that, the DEED was missing. Then it was another 8 weeks (for news paper adds).

I lost roughly R15000... (I see that as school fees in life paid, as in lessons learned).

Ag, I say, make sure if the transport selection is out of your hands, just make sure they aint “maatjie maatjie”! It can be costly
 
Speedster said:
Bank appoints the bond attorney
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I always try to get quotes from FNB and/or Nedbank, if you apply directly/online you get 50% discount on Bond Attorney fees. That way you can always negotiate with Bond Attorneys (if you are going with other banks or finance house that does not special deals with Attorneys) as you simply tell them before they do anything you would like to get a quote and negotiate (demand a discount otherwise you will take the other banks comparable offer and they will loose out on a deal) a discount before proceeding with the process.
 
Is it possible to negotiate a better rate after accepting an offer? My offers were

Std Bank - 6.8% (10% deposit)
Nedbank - 7% (Revised from 7.6)
SAHL - 7.1%
FNB - 8.1%

Time was running out on my OTP so accepted Nedbanks offer because i didn't have the deposit Std bank wanted, sent through bond approval to the transferring attorney's, now SAHL wants to beat the 7%, so my question is, should SAHL come through with 6.9%, can i show that to Nedbank and get them to lower their rate even though I've accepted their offer?
 
Big-Mac said:
Is it possible to negotiate a better rate after accepting an offer? My offers were

Std Bank - 6.8% (10% deposit)
Nedbank - 7% (Revised from 7.6)
SAHL - 7.1%
FNB - 8.1%

Time was running out on my OTP so accepted Nedbanks offer because i didn't have the deposit Std bank wanted, sent through bond approval to the transferring attorney's, now SAHL wants to beat the 7%, so my question is, should SAHL come through with 6.9%, can i show that to Nedbank and get them to lower their rate even though I've accepted their offer?
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Did you accept as in signed or mailed them saying you accept? If so, how long ago.
 
Big-Mac said:
Mailed them, they gave me a call confirming everything as well, yesterday actually lol
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That's quite a tricky scenario. but I suppose you have to get technical . If you didn't sign the bond offer it shouldn't officially be accepted, and can still ask them to review the offer again.

I doubt any finance institution will entertain any reviewing once you have signed the acceptance on the offer. Unless you can indicate that the OTP fell through then essentially that bond application is cancelled.
 
marysms said:
Remember to put the shortest OTP expiry date, as you said there might be other potential offers, the longer your OTP validity the hight the chance that the Agents might use it to fish for other offers.

Also when it comes to offer price, the time on the market for the property might be critical as well. Search for the last sold price on Property24, that can guide you in terms of how low the sellers might go. e.g if they bought the property say in 2016 for 3.2m and they are now selling it for 3.45m, chances are they will never go below what they paid 5 years ago.

Do your research, as a FNB client on the app go to nav-igate life select nav>> HOME then Property Valuation, to get a free property report. That report is the same report that you get charged by PropIQ and others, it will give you some insights that might be useful when deciding on an offer amount
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The estate agent told me to give them 2 days. I did and got a slight counter which I accepted.

The next thing I was told to make sure is that I get provided with the dead and approved plans. Do you guys know if it would be standard procedure for me to ask to take a walk through and measure when I get the plans?

Apparently it's quite a pain if everything doesn't match. I know some things can be changed without new plans e.g. apparently windows can become doors and it's fine as long as the width stays the same.

If I notice that windows or doors aren't exactly where the plan says they're meant to be or there are walls that don't look exactly the same. What do I do?
 
The_Mowgs said:
Find out if theres a cooling off period? Perhaps @zerocool2009 can find out what options you have.
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I always add a clause in my otp (if I get the bond route)...

“The otp will be accepted from the buyer, if he gets an approved loan (as in bond), which he is happy with).”

Saying that, if an agent know you got an approved bond, they push ahead!
 
Ghost02 said:
The estate agent told me to give them 2 days. I did and got a slight counter which I accepted.

The next thing I was told to make sure is that I get provided with the dead and approved plans. Do you guys know if it would be standard procedure for me to ask to take a walk through and measure when I get the plans?

Apparently it's quite a pain if everything doesn't match. I know some things can be changed without new plans e.g. apparently windows can become doors and it's fine as long as the width stays the same.

If I notice that windows or doors aren't exactly where the plan says they're meant to be or there are walls that don't look exactly the same. What do I do?
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Then you need to get a draughtsman out to come and assess but they would probably need to correct the drawings and submit for approval etc.
 
The_Mowgs said:
Then you need to get a draughtsman out to come and assess but they would probably need to correct the drawings and submit for approval etc.
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Thanks, from the OTP it looks like that would be on the sellers to do. Do you know if a door or window not being in the same place as it is on the plan would require a new plan or would that be a "minor change"?
 
Ghost02 said:
Thanks, from the OTP it looks like that would be on the sellers to do. Do you know if a door or window not being in the same place as it is on the plan would require a new plan or would that be a "minor change"?
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I unfortunately cant give an answer on that but I'm sure someone here will be able to assist.
 
Anybody know what the following means from lexis tracker notification? Not sure what to do.


Await electronic bond instructions from ABSA Bank (bond granted on 1 June). *24/06: Buyer to advise regarding bond instruction please, still no instructions to date.
 
Gtx Gaming said:
Anybody know what the following means from lexis tracker notification? Not sure what to do.


Await electronic bond instructions from ABSA Bank (bond granted on 1 June). *24/06: Buyer to advise regarding bond instruction please, still no instructions to date.
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Call your bond attorneys and ask them what's going on.
 
Gtx Gaming said:
Anybody know what the following means from lexis tracker notification? Not sure what to do.


Await electronic bond instructions from ABSA Bank (bond granted on 1 June). *24/06: Buyer to advise regarding bond instruction please, still no instructions to date.
Click to expand...

ABSA must instruct (or rather ask) the bond attorneys if they must register the bond. So I assume you didnt yet confirmed that you are accepting it.

Did you sign the bond leg yet (the bond papers ?)
 
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